Following New Guidelines: US Federal Employees Should Disclose Cypto Holdings

Federal employees were ordered by the US Office of Government Ethics (OGE) to report all their holdings of virtual currency. This was according to the new guideline, June 18. This will affect almost 2 million federal branch employees, including the Army, Veterans Affairs and others.

According to OGE, this new guideline is essential mainly because, “virtual currencies are experiencing a surge in use and access, and as a result, employees who hold virtual currencies are increasingly seeking guidance from their ethics officials concerning their financial disclosure reporting obligations.”

Also, they mentioned that digital currency is an investment and it “may create conflict of interest for employees who own it”, and they are not exempted to anything. According to the OGE they will issue more guidelines once “the nature of virtual currency becomes better defined.”

In South Korea, it was the first time that they banned their own officials from trading and holding cryptocurrency. The ministry of personal management also said that, “in violation of the prohibition of forbearance obligations under the civil servants’ law”